Carl Icahn Builds 'Sizable' Position In Caesars Entertainment

Caesars Entertainment, Inc. CZR shares are trading higher Friday after reports indicate activist-investor Carl Icahn has amassed a sizable stake in the company. 

The Details:

According to a Bloomberg report citing sources familiar with the matter, Icahn owns a "sizable position" in the casino operator, though the specific size of his stake was not disclosed. 

The billionaire investor previously owned a 9.78% stake in Caesars which he dissolved, according to a 2020 filing. 

Icahn appeared to have confirmed the report during an interview on CNBC Friday. 

“I like Caesars and I own some stock, I would never do activism in Caesars,” Icahn said. 

Caesars Entertainment shares are moving on heavy trading volume following the reports. The stock is up nearly 10% after initially jumping 15% on the news. 

Related News: Caesars Entertainment Shares Fall On Q1 Results: Here’s Why

Is CZR A Good Stock To Buy?

Wall Street analysts view Caesars Entertainment on the whole as a Buy, given the history of coverage over the past three months. Daniel Politzer from Wells Fargo in Caesars Entertainment is the most bearish, expecting a 19.4% fall in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Caesars Entertainment fell 17.69%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which fell 3.11% over the past year.

A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.

CZR Price Action: According to Benzinga Pro, Caesars Entertainment shares are up 9.73% at $34.95 at the time of publication Friday.

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